| Item 5.03 | Amendments to Articles of Incorporation. |
On May 12, 2023, as described below under Item 5.07, the stockholders of Social Leverage Acquisition Corp I (the “Company”) approved an amendment to the Company’s amended and restated certificate of incorporation (the “Charter”) to implement the Charter Amendment Proposal (as defined below) (the “Charter Amendment”). The Charter Amendment became effective on May 12, 2023 upon filing with the Secretary of State of the State of Delaware.
The foregoing description is qualified in its entirety by reference to the Second Amendment to the Amended and Restated Certificate of Incorporation, dated May 12, 2023, a copy of which is attached as Exhibit 3.1 hereto and is incorporated by reference herein.
| Item 5.07 | Submission of Matters to a Vote of Security Holders. |
On May 12, 2023 the Company held a special meeting (the “Special Meeting”) of stockholders. At the Special Meeting, the Company’s stockholders were asked to vote on the following items: (i) a proposal to amend the Company’s Charter to extend the date by which the Company has to consummate a business combination (the “Extension”) for an additional nine months, from May 17, 2023 to February 17, 2024 (the “Charter Amendment Proposal”), and (ii) a proposal to direct the chairman of the Special Meeting to adjourn the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Special Meeting, there are not sufficient votes to approve the Charter Amendment Proposal (the “Adjournment Proposal”).
The affirmative vote (virtually or by proxy) of at least 65% of the outstanding shares of SLAC common stock at the Special Meeting and entitled to vote thereon, voting together as a single class was required to approve the Charter Amendment Proposal. The affirmative vote (virtually or by proxy) of a majority of the votes cast by holders of outstanding shares of SLAC common stock at the Special Meeting and entitled to vote thereon, voting together as a single class was required to approve the Adjournment Proposal.
Holders of 8,948,968 shares of SLAC common stock, which represents approximately 87% of the shares of common stock issued and outstanding and entitled to vote as of the record date of April 17, 2023, were represented vitually or by proxy at the Special Meeting. Set forth below are the final voting results for the Charter Amendment Proposal. As there were sufficient votes to approve the Charter Amendment Proposal, the Adjournment Proposal was not presented to stockholders at the Special Meeting.
Charter Amendment Proposal
The Charter Amendment Proposal was approved. The voting results of the outstanding shares of SLAC common stock at the Special Meeting and entitled to vote thereon were as follows:
| | | | | | |
For | | Against | | Abstentions | | Broker Non-Votes |
| 8,939,534 | | 8,016 | | 1,418 | | - |
In connection with the Extension Proposal, the holders of 95,152 shares of Class A common stock properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.17 per share, for an aggregate redemption amount of approximately $967,741.89. Following such redemptions, approximately $15,836,806 will remain in the trust account and 1,557,134 shares of Class A common stock will remain issued and outstanding.
